Yoo Myung-hee Urges KOTRA to Inspect Domestic and Global Supply Chains and Diversify Export Markets to Overcome COVID-19

Director Yoo Holds Video Conference with 10 Overseas Trade Offices Including China, USA, and Europe
"Efforts to Support Export Companies in Business Review, Trade Finance, Logistics, Customs, and Marketing"

Yoo Myung-hee, Director-General for Trade at the Ministry of Trade, Industry and Energy, speaking at the '30th Domestic Measures Committee on Trade Agreements' held on November 21 last year at the Grand Intercontinental Hotel in Gangnam-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] The government urges KOTRA to minimize the impact of the novel coronavirus infection (COVID-19) on our export companies by inspecting domestic and international supply chains and diversifying export markets.

On the 18th, Yoo Myung-hee, head of the Trade Negotiation Department at the Ministry of Trade, Industry and Energy, plans to hold a video conference from 3 p.m. with 10 overseas regional headquarters and trade centers of KOTRA. During the meeting, she will check the difficulties faced by our companies and order overseas trade centers to actively respond to resolve them.

The Ministry of Trade, Industry and Energy explained that the meeting was held because the World Health Organization (WHO) declared COVID-19 a "global pandemic" on the 11th (local time) and countries are strengthening quarantine measures such as banning foreign entries, requiring enhanced responses from our companies.

Kim Jong-chun, KOTRA Vice President and regional headquarters heads, will inform at the meeting that not only our companies but also overseas partners’ essential business trips are being postponed due to COVID-19. They report difficulties such as delays in overseas marketing plans and logistics disruptions.

In response, KOTRA explains that it is closely responding by acting as an emergency consultant with local buyers on behalf of our companies, providing video consultations, online marketing, and emergency marketing agency services to support companies’ urgent needs.

Director Yoo emphasizes that the Ministry of Trade, Industry and Energy, KOTRA, and overseas trade centers must operate an all-around emergency response system without any disruption.

He is expected to deliver a message saying, "This COVID-19 crisis should be an opportunity to strengthen the resilience of the global supply chain. I hope KOTRA and overseas trade centers actively work to inspect our companies’ domestic and international supply chains and diversify export markets to disperse risks."

He will also request that KOTRA overseas trade centers strengthen close responses by designating dedicated 1:1 managers for company difficulties and actively promote practical measures such as expanding online overseas marketing that truly help companies.

Furthermore, he urges, "To overcome the emergency situation in the global economy triggered by COVID-19, countries should strengthen quarantine but not stop business activities of entrepreneurs. Please convey this point to local institutions and companies to maintain normal business activities."

The Ministry of Trade, Industry and Energy plans to continue ▲ monitoring the business situation of export companies ▲ providing trade finance liquidity support of 260 trillion won, increased by 3.1 trillion won from the original plan ▲ managing logistics and customs clearance ▲ supporting export marketing.

This content was produced with the assistance of AI translation services.